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Hire purchase is a system of acquiring goods where the buyer takes immediate possession after paying an initial down payment and agrees to pay the remaining balance in fixed installments over a period of time. Ownership of the asset is not transferred to the buyer until the final installment is paid, distinguishing it from an outright purchase. This method is commonly used for consumer ________ _______ ____ __________ _________ ____ _______ ___ _________ ________.
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